Gold prices in Pakistan on Thursday continued to drop for the fourth consecutive day!
The rates of the yellow metal have been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.
However on Thursday, as per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of gold (24 karats) lost Rs5,800 per tola and Rs4,972 per 10 grams to settle at Rs216,500 and Rs185,614, respectively.
Meanwhile, the price of silver 24 karats dropped by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,650 and 2271.94, respectively.
On Sep 6, the price of a 24-carat bar settled at Rs222,300 per tola, after a single-day decrease of Rs10,500 per tola, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, Sep 5, gold prices in Pakistan saw a decline of Rs6,300 per tola.
The development comes as the Pakistani rupee continued to strengthen against the US dollar in the open market.
The rates of yellow metal in Pakistan closely follow the trajectory of the US dollar and international rates of the commodity as the country remains a net importer of gold.